INSTITUTE OF MANAGEMENT - Covenant University

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Nirma University Journal of Business and Management ·studies

Articles

Case Study

Vol. 8, Nos. 1 & 2, July - December 2013

Contents

03 International Financial Reporting Standards (IFRS) Adoption in Africa: Does Cultural Affinity to Europe Play a Part?

Francis Kehinde Erneni

17 Design Issues in Management Control Systems:

37

53

A Systems Framework Deepak Danak

Testing Cointegration between US and BRICS Stock Markets KiranMehta Renuka Sharma

Development Interventions in Food Processing Clusters: Case of Sindhudurg Cluster in Maharashtra

BinodK. Das

65 Service and Brand Design: A Case of Shaadi.com Rajneesh Krishna SunitaGuru

Francis Kehinde Emeni*

*Faculty of Management Sciences, University of Benin, Benin City, Nigeria

International Financial Reporting Standards (IFRS) Adoption in Africa: Does Cultural Affinity to Europe Play a Part? One of the essential ingredients of accounting

information is ease in understanding and interpreting

financial reports. Globalization and capital flows

across borders require uniformity in accounting

standards for the purpose of ease in understanding

and interpretation of financial reports globally. To

achieve this, the International Accounting Standards

Board (IASB) in 2005 introduced the International

Financial Reporting Standards (IFRS) as an

accounting product and expects all countries in the

world to adopt it.

Interestingly, some countries are yet to adopt it

despite the expected benefits from its adoption. A

study by Simon Fraser University (2011) has reported

that only 54 per cent of Mrican countries have

adopted IFRS. Literature on why countries adopt IFRS

focuses on many variables such as the country's

cultural affinity to Europe offering the IFRS product

(Ramanna and Sletten, 2009; Farooque, Yarram, and

Khandaker, 2009; Epstein, 2009; Beneish, Miller, and

Yohn, 2010; and Chen, Ding, and Xu, 2011).

Nirma University Journal of Business and Management Studies, Vol. 8, Nos. 1 & 2, July - December 2013 3

The past decade saw many companies involved in financial scandals (e.g. Enron, Tyco,

Cadbury, and Worldcom) that shocked the world. As a result, more attention was placed on

the role of IFRS in checking this ugly trend through uniformity and clarity of financial

reporting across the globe. Surprisingly, there is paucity of research on the role of variables

like culture in IFRS adoption decisions across countries in Africa. To the best of the

researcher's knowledge, very few studies have investigated the association between IFRS

adoption decisions by countries and cultural affinity to Europe (Salter and Niswander, 1995;

Robert and Salter, 1999; Jaggi and Low, 2000; Ramanna and Sletten, 2009). The findings in

these studies are mixed which makes the issue inconclusive.

Some of the previous studies have excluded countries which are yet to adopt international

accounting standards (Eddie, 1990; Salter and Niswander, 1995; Robert and Salter, 1999;

Jaggi and Low, 2000) which poses questions about their sample impartiality. Excluding

countries which are yet to adopt IFRS makes the sample size per continent small and

therefore their results could not be reliable. The important point here is that the non

adoption decision is still a decision. Therefore, the sample in this study has covered countries

in all the five geographical regions of Africa (Eastern Africa, Middle Africa, Northern Africa,

Southern Africa, and Western Africa), including those which are yet to adopt IFRS.

Most of the empirical literature on the role of culture in adoption of international accounting

standards (Robert and Salter, 1999; Jaggi and Low, 2000) has focused on the firm level. This

study complements the firm level studies by looking at the role of culture in IFRS adoption at

the country level. In this study 2011 was used as the observation year. This is because data for

a country's population is usually at the last census; and data for an African country's year of

independence is the date of independence. The study is designed to answer the question: In

what way does cultural affinity to Europe (the continent offering the IFRS product) influence

an African country's decision to adopt IFRS?

Culture and IFRS AdQption

In a study of a sample of thirteen countries of the Asia-Pacific region, Eddie (1990) tests all

four hypotheses in the Hopstede-Gray framework. His empirical study confirmed all

predicted signs of association between culture and preference for a single mandatory

treatment in accounting. Nevertheless, the results should be viewed with caution because his

method of measurement was not rigorous, the index was subjectively determined, and he

used two different sets of data twenty years apart. Salter and Niswander (1995)

operationalized Gray's hypothesis using data from 29 countries. A variety of cultures in terms

4 International Financial Reporting Standards (/FRS) Adoption in Africa

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of language, geographical location, colonial antecedents, and economic development was

included in the sample. They found significant support for only six out of thirteen of Gray's

predicted relationships between cultural value dimensions and accounting values.

According to Salter and Niswander (1995), the preference for a single mandatory treatment

in accounting is not significantly influenced by culture. This result is not in consonance with

Robert and Salter's findings (1999). This may be because of the differences in cultural

dimensions employed in these studies. While Salter and Niswander (1995) relied on only

Gray's culture dimensions, Robert and Salter relied on only two hypotheses in arriving at

their conclusion. They examine the drivers behind accounnmts' attitudes towards uniformity

in accounting rules. They hypothesized as follows: (1) "the strength of desire for a single

mandatory treatment for an accounting issue in a country is related to the culture of a

country and (2) the strength of desire for a single mandatory treatment for an accounting

issue in a country is positively related to the importance of the stock market in that country"

(Robert and Salter, 1999).

Robert and Salter administered a questionnaire comprised of fourteen accounting issues to a

sample of auditors employed in Big 6 accounting firms in 23 countries. The countries were

selected based on the size of stock markets at the end of 1993. Each respondent was asked to

respond with a yes/no on the statement whether they wanted a single mandatory treatment

(e.g. IFRS) for fourteen different accounting issues. The dependent variable was the response

whether or not a single mandatory method was preferred. The independent variable

consisted of the importance of capital market and culture. The results showed that the

respondents tended to favour a mandatory single treatment in 66 per cent of the cases

analysed. This result is consistent with Gray's (1988) hypothesis that uniformity has a

positive relation to culture. Robert and Salter (1999) concluded that the preference of a

single mandatory treatment in accounting is influenced significantly by culture.

Ding, Jeanjean, and Stolowy (2005) in their study on the role of culture in the way national

accounting systems of 52 sample countries may differ from international accounting

standards, claimed that the difference between domestic accounting standards and

international accounting standards can be classified into: (1) divergence - if domestic

accounting standards prescribe a different method from international accounting standards

and (2) absence - if domestic standards do not cover an accounting issue regulated by

international accounting standards. Their study focuses on the cultural values of each

country as the explanatory variable for the differences between each domestic standard and

lAS. With regard to divergence, they hypothesized that a country with a higher level of

Nirma University Journal of Business and Management Studies, Vol. 8, Nos. 1 & 2, July- December 2013 5

individualism and uncertainty avoidance and a lower level of masculinity and power distance

is likely to have accounting standards that diverge from international accounting standards.

In terms of absence, they hypothesized that a country with a higher level of masculinity and

uncertainty avoidance and higher level of individualism that are less extensive than

international accounting standards is not likely to have accounting standards that diverge

from international accounting standards.

These results show that culture is significant in explaining divergence from international

accounting standards, while the level of absence appears to be less related to cultural factors.

Ding, Jeanjean, and Stolowy (2005) argued that the level of absence is more likely related to

economic development and capital market issues. They concluded that discrepancy from

IAS/IFRS is "not exclusively driven by contractual motives or a claimed technical superiority

or legal origin, but also by diversity in cultural factors". On the same side of the spectrum,

Jaggi and Low (2ooo) examine the impact of culture on financial disclosures by firms from

different countries, and find that the culture of a country is not likely to impact the

compliance with international accounting standards if firms choose to follow them. Focusing

analysis on a sample of 102 countries, Ramanna and Sletten (2009) examine IFRS adoption

in relation to cultural sensitivities. They are of the view that if the IASB is perceived as a

European institution, countries that are culturally more distant from Europe are less likely to

accept IFRS. They found that countries that are culturally more distant from Europe are less

accepting of IFRS. In the light of the above, it is hypothesized in this study that: cultural

affinity to Europe has no significant relationship with adoption of IFRS in Africa.

Theoretical Framework

This study sets out to ascertain the relationship between cultural affinity to Europe - the

continent offering the IFRS product - and adoption of IFRS by African countries. It relies on

the economic theory of networks (Katz and Shapiro, 1985) to build a comprehensive

framework able to capttire the role of African countries' cultural affinity to Europe and their

IFRS adoption. The reason for the choice of the theory of network is because, according to

Ramanna and Sletten (2009), "adopting a set of standards like IFRS can be more appealing

to a country if other countries have adopted it as well," given their closeness to Europe. In

this sense, IFRS can be a product with network effect.


Economic Theory of Networks

In life at times, one finds himself in a situation where choice has to be made between two

things that are desirable; for example a country having to choose between its domestic

accounting standards and IFRS. When making such choices, one consideration is inevitable,

and that is, how our participation will affect others within the same political or geographical

block and how the participation of others will affect us. Most of us naturally consider what

the people around us are choosing or are likely to choose. Since so many choices seem to

have some network dimension, it is not surprising that economists have taken up these ideas

and have coined a term to connote these network elements. ·This term is network effect or

network externality (Liebowitz and Margolis, 1994).

In the case of IFRS adoption decision by a country, Ramanna and Sletten (2009) posit that

the direct benefit of network effects may be represented by net cultural benefit of IFRS over

local standards. That is, cultural sensitivity, a country's population, and gross domestic

product might influence IFRS adoption.

Thus

ADP = j(CUL, POP, GDP) (1)

where

CUL = cultural affinity to Europe

POP= population ofthe country

GDP =gross domestic product

POP and GDP are introduced as control variables in this study.

Based on the above, we use the economic theory of networks to develop the hypothesis in this

study:

H. Cultural affinity to Europe has significant relationship with adoption of

IFRS in Africa.


Methodology

Cross-sectional survey research design was adopted in this study because the researcher

wanted to reach to several countries in the African continent. The population comprised 54

countries in Africa. A survey of the sampled countries with respect to the determinants of

IFRS adoption was carried out. The sample size is 46 countries. Cluster sampling was

complemented with simple random sampling technique was used. The reason for the choice

of cluster sampling is that the population of study (54 countries making up Africa) is

distributed in five clusters/regions. Cluster sampling will therefore make for proportional

selection of samples such that the number of subjects selected from each region will

represent its share of the entire population. For each country in a given cluster/region to

have equal chance of being selected, random sampling was introduced. The clusters are:

West Africa (16 countries), East Africa (16 countries), Middle Africa (9 countries), Southern

Africa (6 countries), and North Africa (7 countries).

The next step was to number the countries in each of the clusters in a range. West Africa was

numbered 01 to 16; East Africa 01 to 16; Middle Africa 01 to 9; Southern Africa 01 to o6; and

North Africa 01 to 07. A computer package (Excel) was programmed to select 46 random

numbers within the specified ranges in proportion to the cluster's share of the total

population. The numbers thus generated were used to choose the countries included in the

study sample.

Secondary sources of data were used in this study. Data for GDP were sourced from the

World Bank World Development Indicators (WDI) database; data for a country's population

was sourced from the World Almanac and Book of Facts; and cultural affinity was taken as

the number of years a country has gained independence from its colonial masters (Ramanna

and Sletten, 2009) which was sourced from WABF. Ordered logistic regression analysis was

used to regress decision to adopt IFRS in relation to its predictors.

In operational terms, IFRS adoption is defined in this study as the decision a country has

taken either to adopt IFRS or not (Ramanna and Sletten, 2009). To measure or arrive at the

score for decision on IFRS adoption by an African country, the dependent variable (IFRS

adoption) is in five categories: category o to category 4; where o means decision not to adopt

IFRS by the country; 1 means efforts to implement IFRS are still being identified by the

country; 2 means publicly listed entities and significant public interest entities are to prepare

their financial statements using applicable IFRS; 3 means all other public interest entities

mandatorily adopt IFRS for statutory purposes; and 4 means small and medium-sized


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entities (SMEs) mandatorily adopt IFRS. Cultural affinity is defined as cultural closeness to

the culture (Europe) offering the IFRS product. Cultural affinity is taken as years since

independence from a European Union country (Ramanna and Sletten, 2009).

Model Specification

Assuming a linear relationship, we can write the above equation (1) in an explicit functional

form as:

(2)

where ~o; ~,; ~2 ••• , ~n are parameters to be estimated

Y = dependent variable (IFRS adoption decision)

X., X2 , •••••• , Xn = independent variables

X, = cultural affinity

x2 = population

x3 = gross domestic product

In this case, our n is 3

Thus equations (1) and (2) become:

ADP = ~o + ~' CUL + ~2 POP + ~3 GDP + U (3)

where ~0 , ~ .. ~2 and ~3 are parameters to be estimated. The priori expectation is that

~. > o, ~2 > o, and ~3 > o

U is the error term and ~o is the constant term.

Results

The results of data analysed for all the countries in Africa are presented below.


REGRESSION RESULT

Dependent Variable: ADP

Method: ML - Ordered Logit

Included observations: 46

Number of ordered indicator values: 5

Convergence achieved after five iterations

Variable Coefficient Std. error z-statistic Probability I

CUL %0.052761 0.016382 %0.522160 *0.5207 I

I

POP 0.062855 0.011581 0.210481 *0.3971

GDP 0.139160 0.581072 0-471990 *0.5993

LR statistic 12-48269

Prob(LR statistic) 0.061525 ------------- ----

* not significant at 5% level

The results can be represented in an equation as shown below:

ADP = ~o + ~' CUL + ~2 POP + ~3 1GDP + U

-0.052761 0.062855 0.39160

In this study each slope coefficient measures the change in the estimated logit for a unit

change in the value of the given regressor (holding other regressors constant). Thus, the

cultural affinity to Europe (CUL) coefficient of -0.052761 means CUL has a negative effect on

the logit, that is, if CUL increases by a unit, the estimated logit has the likelihood of reducing

by 0.053 unit, suggesting a negative relationship between the two. If POP increases by a unit,

on average the estimated logit has the likelihood of increasing by about 0.063 unit,

suggesting a positive relationship between the two. Likewise, if GDP increases by a unit, on

average the estimated logit also has the likelihood of increasing by about 0.14 unit,

suggesting a positive relationship between the two.


From the ordered logistic regression result above, all the variables appear not to be

statistically significant at 5 per cent level. Although statistically the effect of a country's

population and gross domestic product is positive, that of cultural affinity is negative.

However, together all the regressors have a significant impact on IFRS adoption, as the LR

statistic is 12-48269, whose p value is about 0.061525, which is very small. The LR statistic

measures the joint correlation of the explanatory variables (CUL, POP, GDP) with the

dependent variable (ADP). It is used to test the rejection or otherwise of the null hypothesis

that none of the explanatory variables is related to the dependent variable. The LR statistic is

12-48 and is significant at 5 per cent level given the p value o.o6. This shows that the

explanatory variables jointly explain the variation in IFRS adoption. On the whole, the model

has an overall good-fit.

Hypothesis Test

The following hypothesis was developed for the study:

H0 : Cultural affinity to Europe has no significant relationship with adoption

of IFRS in Mrica.

H,: Cultural affinity has significant relationship with adoption of IFRS in Mrica.

From the analysis conducted for the null hypothesis, the relationship between cultural

affinity and IFRS adoption decision by Mrican countries did not also pass the significance

test at 5 per cent level (p=o.oo<0.05). This shows that there is the likelihood that cultural

affinity does not significantly affect IFRS adoption decision by Mrican countries. Cultural

affinity was also found to impact negatively on IFRS adoption as depicted by the long run

slope coefficient ( -0.052761). Hence, the null hypothesis (Ho) of no significant relationship

between cultural affinity and adoption of IFRS in Mrica is accepted while we reject the

alternative hypothesis (HJ.

Discussion

We observe that the evaluation of the slope coefficients of the explanatory variables reveals

the existence of negative relationship between culture and IFRS adoption ( -0.052761) which

is also statistically not significant at 5 per cent (p~0.05). This result is in consonance with the

finding of Salter and Niswander (1995) that the preference for a single mandatory treatment

in accounting is not significantly influenced by culture. Also in tandem with the finding in


this study is that of Jaggi and Low (2000) who examined the impact of culture on financial

disclosures by firms from different countries and found out that the culture of a country is

not likely to impact the compliance with international accounting standards, if firms choose

to follow them.

However, the result in this study is not in consonance with the finding of Eddie (1990) and

Robert and Salter (1999). This may be because of the differences in cultural dimensions

employed in these studies. While Salter and Niswander (1995) relied on only Gray's culture

dimensions, Eddie (1990) used Hofstede-Gray cultural dimensions, while Robert and Salter

(1999) relied on only two hypotheses in arriving at their conclusion. Robert and Salter (1999)

concluded that the preference of a single mandatory treatment in accounting is influenced

significantly by culture.

Focusing analysis on a sample of 102 countries, Ramanna and Sletten (2009) examine IFRS

adoption in relation to cultural sensitivities. They are of the view that if the IASB is perceived

as a European institution, countries that are culturally more distant from Europe are likely to

be less accepting of IFRS. Thus they test whether cultural differences can explain cross

country variation in IFRS adoption. They found that countries that are culturally more

distant from Europe are less accepting of IFRS. This finding by Ramanna and Sletten (2009)

is in tandem with the finding in this study.

Conclusion

The finding that cultural affinity does not seriously affect IFRS adoption in Africa has serious

implications for level of financial transactions, and disposition to uniformity in accounting

practices in Africa. This result is not surprising given the high level of cultural diversity and

affinities in Africa. Here, we have not only the Anglophone/ Anglo-Saxon African countries

but also the FrancophQne and even those not belonging to any of these two blocs. This also

reflects a high level conservatism and poor cultural globalization in Africa. Based on this

result of negative and not significant relationship between cultural affinity and IFRS

adoption, there should be a policy shift towards cultural globalization, if there is going to be

uniformity and comparability in accounting standards in Africa viz-a-viz the rest of the

world.

African economies should take steps at improving on cultural globalization. This is necessary

to open up their economies for benefits of economic globalization in terms of


competitiveness of human resources and markets from Africa; which, hopefully, will bring

about adoption of the IFRS product by more countries in Africa.

References

Beneish, M.D.; Miller, B.P.; and Yohn, T.L. (2010), "IFRS Adoption and Cross-Border

Investment in Equity and Debt Markets," http:/ /ssrn.com/ abstract=1403451.

Chen, C. J. P.; Ding, Y. and Xu, B. (2011), "Convergence of Accounting Standards and

Foreign Direct Investment," http:/ jssrn.comjabstract= 1703549.

Ding, Y.; Jeanjean, T.; and Stolowy, H. (2005), "Why do National GAAP Differ from lAS?

The Role of Culture," International Journal of Accounting, 40, 325-50.

Eddie, I.A. (1990), "Asia Pacific Cultural Values and Accounting Systems," Asia Pacific

International Management Forum, 16 (3), 22-30.

Epstein, B.J. (2009), "The Economic Effects of IFRS Adoption," CPA Journal, 26-31.

Farooque, O.A.; Yarram, S.R.; and Khandaker, S. (2009), "International Evidence on

Governance and Foreign Direct Investment Interactions," paper presented at the Singapore

Economic Review Conference, August 6-8.

Jaggi, B. and Low, P.Y. (2ooo), "Impact of Culture, Market Forces, and Legal System on

Financial Disclosures," International Journal of Accounting, 35(4), 495-519.

Katz, M.L. and Shapiro, C. (1985), "Network Externalities, Competition, and Compatibility,"

American Economic Review, 75, 424-40.

Liebowitz, S.J. and Margolis, S.E. (1994), "Network Externality Uncommon Tragedy,"

Journal of Economic Perspectives 8, 133-50.

Ramanna, K. and Sletten, E. (2009), "Why do Countries Adopt IFRS?" Working Paper,

Harvard Business School.

Roberts, C.B. and Salter, S.B. (1999), "Attitudes towards Uniform Accounting: Cultural or

Economic Phenomena?" Journal of International Financial Management and Accounting,

10 (2), 121-42.


Salter, S.B. and Niswander, F. (1995), "Cultural Influence on the Development of Accounting

Systems Internationally: A Test of Gray's (1988) Theory," Journal of International Business

Studies, 26 (2), 379-97.

Simon Fraser University (2011), "Adopt IFRS," Faculty of business Administration, Canada.

http:/ /www.adopt ifrs.org

Appendix

SAMPLED COUNTRIES AND THEIR CHARACTERISTICS

YO

IFRS I

List of Adoption Population Date to

Countries in Status/ as at last Coloniz 201

Africa adoption date GDPin USD census ed Colonizer YOI# I

West Africa

Benin Not Permitted 7,294,865,847 9,099,922 1904 France 1960 51

Burkina Faso Not Permitted 10,187,211,704 16,967,845 1896 France 1960 51

Cape Verde Not Permitted I ,90 I, 136,230 500,585 1462 Portugal 1975 36

Cote d'lvoire

(Ivory Coast) Not Permitted 24,073,812,829 20, 152,894 1842 France 1960 51

Gambia (The) 2009 898,282,866 1,776,103 1588 Britain 1965 46

Britain and

Ghana 2007 39,199,656,051 24,965,816 1844 Germany 1957 54

United

Liberia Not Permitted 1,545,461,660 4,128,572 States(indirectly) 1847 164

Mali 2010 I 0,589,925,352 15,839,538 1898 France 1960 51

Nigeria 2012 243,985,812,280 162,470,737 1861 Britain 1960 51

Senegal Not Permitted 14,291,456,855 12,767,556 1890 France/Portugues 1960 51

Sierra Leone 2006 2,242,960,927 5,997,486 1787 Britian 1961 50

Togo Not Permitted 3,620,169,609 6,154,813 1960 Germany;France 1990 21


East Africa

Burundi 2004 2,325 ,972, 144 8,575,172 1916 Belgium 1962 49

Eritrea Not Permitted 2,608,7 15,447 5,415,280 1890 Ethiopia 1993 18

Ethiopia 2010 30,247,359,642 84,734,262 Italy 1941 70

Kenya 2005 33,620,684,016 41 ,609,728 1890 Britain 1963 48

Madagascar 2005 9,911 ,781 ,297 21 ,315,135 1885 France 1960 51

Malawi 2005 5,621 ,000,678 15,380,888 1891 Britain 1964 47

Mauritius 2005 11,259,856,30 l 1,286,051 1721 Frane/Britain 1968 43

Rwanda 2008 6,3 74,877,468 10,942,950 Belgium 1962 49

Seychelles 2009 1,007,186,292 86,000 1794 Britain 1976 35

Tanzania 2004 23,874,165,047 46,218,486 1880 Britain 1963 48

Uganda 2004 16,809,623,489 34,509,205 1894 Britain 1962 49

12,797,754,23 23,929, Portuga 197

Mozambique 2008 Non Anglo-Saxon 709 1505 5

Zambia 2005 19,206,044,932 13,474,959 1889 Britain 1964 47

Middle

Africa

Angola 2009 104,331,613,337 19,618,432 1583 Portugal 1975 36

Germany;France

Cameroon 2009 25,235,747,212 20,030,362 1884 and Britain 1960 51

Central I

African

Republic Not Permitted 2,194, 720,004 4,486,837 France 1960 51

Chad 2009 9,485,741,541 11,525,496 1900 France 1960 51

Congo

(Brazzaville) Not Permitted 14,425,606,793 4,139,748 France 1960 51


I Congo,

Democratic

Republic Not Permitted 15,653,634,042 67,757,577 1876 Belgium 1960 51

Equatorial

Guinea Not Permitted 19,789,801,404 720,213 1778 Spain 1968 43

Gabon 2009 17,051,616,749 I ,534,262 France 1960 51

Sao Tome and

Principe Not Permitted 248,286,778 168,526 1471 Portugal 1975 36

North Africa

Algeria 2009 188,68 1,099,191 35,980,193 1848 France 1962 49

Egypt 2008 229,530,568,260 82,536,770 1882 Britain 1922 89

Libya 2010 6,422,772 1912 Italy 1951 60

Morocco 2008 I 00,221 ,001 ,988 32,272,974 1909 France and Spain 1956 55

Sudan Not Permitted 64,053,368,930 34,318,385 1820 Britain and Egypt 1955 56

Tunisia Not Permitted 45,863,804,800 I 0,673,800 1881 France 1956 55

Southern Africa

Botswana 2007 17,327,510,032 2,030,738 1886 Britain 1966 45

Lesotho 2007 2,426,200,017 2,193,843 1868 Britain 1966 45

Germany and

Namibia 2005 12,300,698,895 2,324,004 1890 Southern Africa 1990 21

South Africa 2005 408,236,752,340 50,586,757 1806 Britain 1931 80

Swaziland 2008 3,977,754,360 1,067,773 1903 Britain 1968 43

Zimbabwe 2005 9,656,199,414 12,754,378 1809 Britain 1965 46


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